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April 12, 2024

Land Bank records strong digital growth: Transactions hit P8.8 trillion

BY Eileen Mencias

State-run Land Bank of the Philippines, a key player in the nation’s banking sector, witnessed a 42% jump in digital transaction value last year, reaching P8.8 trillion.

This growth underscores LANDBANK’s growing influence in the digital banking space, fueled by a rising preference for online financial solutions among customers.

The surge in digital transactions was further bolstered by a 48% jump in total transaction volume, reaching 92.9 million. This expansion was facilitated by LANDBANK’s diverse array of digital banking channels, including the LANDBANK Mobile Banking App (MBA), iAccess, weAccess, Link.BizPortal, i-Easy Padala, Electronic Tax Payment System (eTPS), Electronic Modified Disbursement System (eMDS), and LANDBANK Bulk Crediting System (LBCS).

LANDBANK president and CEO Lynette V. Ortiz emphasized the bank’s commitment to leveraging technology to enhance service delivery and promote financial inclusion across the Philippines.

A significant portion of LANDBANK’s digital transaction growth can be attributed to its role as the primary depository bank for most government agencies. This entails handling a substantial volume of government transactions, including payroll disbursement for government workers, subsidies for vulnerable families under the 4Ps program, and others.

LANDBANK’s i-Easy Padala, a web-based remittance system for overseas Filipinos, processed 3.3 million transactions worth P4.33 trillion, nearly half of the bank’s total transaction value for the year.

The LANDBANK Mobile Banking App emerged as the leader in digital transaction growth, recording a 44% increase, amounting to 55.2 million transactions valued at P316.8 billion.

The bank’s alternative and web-based payment channel, Link.BizPortal facilitated a 33% rise in transactions to P11.5 billion.